Total existing-home sales fell 1.7% to a seasonally adjusted annual rate of 4.75 million in September from an upwardly revised 4.83 million in August, according to new data from the National Association of Realtors (NAR). However, September's sales were 11% above the 4.28 million-unit pace in September 2011.
Distressed homes accounted for 24% of September sales (13% were foreclosures and 11% were short sales), up from 22% in August but down from 30% in September 2011.Â Foreclosures sold for an average discount of 21% below market value in August, while short sales were discounted 13%.
The national median existing-home price for all housing types was $183,900 in September, up 11.3% from a year ago. The last time there were seven consecutive monthly year-over-year increases was from November 2005 to May 2006.
Total housing inventory at the end of September fell 3.3% to 2.32 million existing homes available for sale, which represents a 5.9-month supply at the current sales pace, down from a six-month supply in August. Listed inventory is 20% below a year ago when there was an 8.1-month supply.